Wrapped Bitcoin (WBTC) is an ERC-20 token backed by bitcoin held in custody. If you’re working out how to buy wrapped bitcoin, you have two routes. You can buy it directly on a handful of exchanges. As of October 2026 that includes Kraken, Binance, Bybit, KuCoin and Crypto.com, but not Coinbase, which delisted it in December 2024. Most people swap into WBTC on a DEX instead, using ETH or USDC. Before you buy, ask whether you need WBTC at all. If you only want bitcoin’s price, plain BTC is simpler. If you need bitcoin for DeFi, cbBTC or tBTC may suit you better.
- WBTC on Ethereum lives at 0x2260fac5e5542a773aa44fbcfedf7c193bc2c599. Other chains use different addresses, and some are bridged copies.
- BitGo moved WBTC custody into a joint venture with Hong Kong-based BiT Global in 2024. Justin Sun’s links to that venture led Coinbase to delist WBTC.
- Only approved merchants mint and burn WBTC directly. Everyone else buys it on the market.
- Coinbase sends BTC to Base or Ethereum as cbBTC, converted 1:1. That’s often the simplest path to on-chain bitcoin for Coinbase users.
Do you need WBTC, or just bitcoin?
WBTC exists to make bitcoin usable in Ethereum smart contracts: as collateral on lending markets, in liquidity pools, or as a trading pair on DEXs. Our wrapped bitcoin explainer covers the mint-and-burn design. This quick test settles which route you need:
| Your goal | What to buy |
|---|---|
| Long-term bitcoin exposure, self-custody on the Bitcoin network | Native BTC. See our bitcoin buying guide |
| Bitcoin collateral or liquidity on Ethereum DeFi | WBTC, cbBTC or tBTC, depending on which ones the protocol accepts |
| Bitcoin on Base, using a Coinbase account | cbBTC, by sending BTC from Coinbase on the Base network |
| Bitcoin exposure in a brokerage account | A spot bitcoin ETF, not a wrapped token |
Wrapped tokens add a layer of trust. You rely on the custodian (or, for tBTC, a signer network) to hold real BTC and redeem it. If the reason you own bitcoin is to avoid intermediaries, a wrapper works against that.
Why Coinbase dropped WBTC: the 2024 custody change
In August 2024, BitGo announced it would move WBTC operations to a joint venture with BiT Global, a Hong Kong-registered trust company, spreading custody across the US, Hong Kong and Singapore. Justin Sun was an adviser to BiT Global and his businesses were linked to it, which alarmed parts of DeFi. Aave risk managers reviewed their WBTC exposure, though Chaos Labs judged an immediate risk-off move premature. Other protocols also reviewed their WBTC exposure. The transition was completed on 8 October 2024. BitGo said the same multi-signature cold-storage technology stayed in place.
In November 2024, Coinbase announced it would suspend WBTC trading from 19 December 2024, citing the unacceptable risk that control of WBTC could fall to Sun. BiT Global sued, a judge declined to block the delisting, and BiT Global later dropped the case with prejudice in 2025. Coinbase’s legal chief said the exchange had no plans to relist. As of October 2026, Coinbase’s asset data marks WBTC as delisted on Ethereum, Arbitrum and Optimism. Coinbase had launched its own wrapper, cbBTC, in September 2024, which critics pointed out when it delisted a competitor.
Where you can still buy WBTC
We checked these against exchange asset pages and CoinGecko market data in October 2026. Coinbase isn’t on the list:
| Exchange | WBTC markets | US customers |
|---|---|---|
| Kraken | WBTC/USD, WBTC/EUR, WBTC/XBT | Yes, subject to state rules |
| Crypto.com Exchange | WBTC/USD | Check availability in your state |
| Binance (global) | WBTC/BTC, WBTC/USDT | No. We found no Binance.US WBTC market |
| Bybit, KuCoin, MEXC, Gate | WBTC/USDT and/or WBTC/BTC | No |
Before you withdraw WBTC from an exchange, check which network it sends on. Ethereum mainnet is the original. A “WBTC” withdrawal on another chain may give you a different contract. BitGo has issued WBTC on additional chains through cross-chain token standards, and older bridges created their own wrapped copies. Match the contract on the destination chain against the address published on WBTC’s official site or the target protocol’s docs.
One check is worth doing whichever exchange you use: reserves. WBTC’s model depends on the custodied BTC matching the token supply. WBTC publishes a transparency dashboard that lists the custody addresses on the Bitcoin blockchain, so you can compare the BTC held with the token supply on Ethereum and other chains. CoinGecko showed roughly 116,000 WBTC outstanding in October 2026. If the dashboard numbers and the on-chain supply don’t line up, treat that as a red flag. A brief mismatch while custody wallets rotate (as happened during the October 2024 transition) can be a display issue, not a loss, but check before you buy.
Redemption works the same way as minting, only in reverse. Merchants burn WBTC and receive BTC from the custodian. Individuals who want to exit sell or swap WBTC for BTC on an exchange that lists the WBTC/BTC pair, or for ETH and stablecoins on a DEX. The WBTC/BTC markets on Kraken, Binance and Bybit exist largely for this purpose.
How to buy wrapped bitcoin by swapping on a DEX
This is the usual route, because WBTC has deep liquidity on Ethereum. CoinGecko tracks WBTC pools on Uniswap, Curve, Fluid and others. (Balancer, once another option, is winding down, with its pools moving to withdrawal-only from 30 October 2026.) Here’s how to do it:
- Hold ETH or USDC in an Ethereum wallet, plus ETH for gas.
- Use a DEX or aggregator. Uniswap works directly. Aggregators such as CoW Swap or 1inch compare pools and can reduce price impact on larger orders. Our Uniswap walkthrough covers approvals and slippage.
- Confirm the output contract is 0x2260…c599 on Ethereum. Fake “WBTC” tokens exist and show up in search results.
- Check price impact against BTC’s price. WBTC should trade very close to BTC. A noticeable discount or premium on your quote suggests a thin pool or the wrong token.
Gas on Ethereum mainnet can make small swaps expensive. On L2s, check whether the WBTC there is the version your target protocol accepts before swapping. Bridging BTC value between networks has its own risks, which our guide to bridging bitcoin explains.
Selling later works the same way in reverse. Swap WBTC back to ETH or USDC on a DEX, or deposit it to an exchange with a WBTC/BTC market. Check that the exchange accepts deposits on the network you hold it on.
Minting directly is limited to BitGo-approved merchants, which are businesses that deliver BTC and receive newly minted WBTC after verification. That route isn’t available to individuals.
WBTC vs cbBTC vs tBTC
| WBTC | cbBTC | tBTC | |
|---|---|---|---|
| Issuer / custody | BitGo with BiT Global joint venture, multi-jurisdiction multisig | Coinbase, BTC held by Coinbase | Threshold Network, BTC secured by a rotating group of threshold signers |
| Launched | 2019 | September 2024 | Current version 2023 (Threshold) |
| Main chains | Ethereum plus several others | Ethereum, Base, plus others Coinbase supports | Ethereum and several L2s |
| How individuals get it | Buy on an exchange or swap on a DEX | Send BTC from Coinbase on Base/Ethereum (auto-converted 1:1), or swap | Swap, or mint through Threshold’s dApp |
| Main trust concern | Custodian governance and the 2024 control change | Single company custody | Signer-set security and smart contracts |
Which suits you depends on the protocol you plan to use, since DeFi markets accept specific wrappers, and on which trust model you’re comfortable with. Coinbase users can get cbBTC by sending BTC to a Base or Ethereum address, and the reverse sends it back as BTC. Coinbase said this was available at launch in the US (excluding New York), UK, EEA, Singapore, Australia and Brazil. Check current eligibility in the app. For broader exchange funding options, see our how to buy crypto hub.
FAQ
Where to buy WBTC in the US?
As of October 2026, Kraken is the clearest US-facing exchange with WBTC/USD, subject to state availability. Crypto.com Exchange also lists WBTC/USD. Coinbase delisted WBTC in December 2024, and we found no Binance.US market. Many US users instead swap ETH or USDC for WBTC on Uniswap or an aggregator from a self-custody wallet.
Why did Coinbase delist WBTC?
Coinbase said WBTC no longer met its listing standards after BitGo moved custody into a joint venture with BiT Global, citing the risk that control could pass to Justin Sun. Trading was suspended on 19 December 2024. BiT Global’s lawsuit failed to stop it and was later dismissed with prejudice, and Coinbase said it had no plans to relist.
WBTC vs cbBTC: which is better?
Neither is better for everyone. WBTC has the longer DeFi track record and broad protocol support, but its custody changed hands in 2024. cbBTC is backed by bitcoin Coinbase holds and is easy to get for Coinbase users on Base or Ethereum, but it concentrates trust in one company. Check which wrapper your target protocol accepts.
Can I wrap bitcoin myself?
Not into WBTC. Only approved merchants can mint it directly. Individuals can get cbBTC by sending BTC from Coinbase to a Base or Ethereum address, or mint tBTC through Threshold’s app by depositing BTC. Each wrapper has its own fees, minimums and trust assumptions, so read the issuer’s documentation first.
Crypto is volatile and risky; this is education, not financial advice. Do your own research.
